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House price inflation hits 10.5%, says ONS House price inflation hits 10.5%, says ONS
(35 minutes later)
Annual house price inflation hit 10.5% in May, the highest rate for four years, according to the Office for National Statistics (ONS).Annual house price inflation hit 10.5% in May, the highest rate for four years, according to the Office for National Statistics (ONS).
That is up from 9.9% in the previous month.That is up from 9.9% in the previous month.
Once again, the market was in large part driven by London, where house prices rose by a record 20.1% over the year.Once again, the market was in large part driven by London, where house prices rose by a record 20.1% over the year.
Prices rose in every region across the UK, except for in Northern Ireland, where prices fell by 0.7%. But excluding London and the South East, prices rose by a much more modest 6.4% across the UK.
Prices were up in every region, except for Northern Ireland, where they fell by 0.7%.
In England, prices rose by 11%, in Wales prices were up by 6.5%, and in Scotland they rose by 3.6%.In England, prices rose by 11%, in Wales prices were up by 6.5%, and in Scotland they rose by 3.6%.
According to the ONS index, the average price of a house across the UK is now £262,000.According to the ONS index, the average price of a house across the UK is now £262,000.
"Annual house price growth of 20.1% is borderline insane, but there are signs that the capital started to cool slightly in June and July," said Jonathan Samuels, the chief executive of Dragonfly Property Finance.